是否公司透明度有助于高效的資源分配？外文翻譯-文庫吧資料
2025-05-22 00:51本頁面
【正文】 wing to its highest value use” and hence impede economic growth. Given the significance of information costs, a natural question to ask is what factors serve to ameliorate these costs and improve resource allocation. to provide supplemental evidence on the resource allocation effects of corporate transparency, we follow Bekaert et al. [2020] to measure a country’s level of ex ante growth opportunities using the priceearnings ratio of global industry portfolios weighted by a country’s industrial mix. We find that only countries with high transparency have an association between ex ante global growth opportunities of firms (within a country) and the country’s realized ex post growth in real GDP per capita. We also find that growth opportunities were converted into more real growth when analyst coverage increased over time. These results are consistent with the argument that firms in more transparent settings are better able to exploit global growth shocks, and thus, these economies achieve higher realized growth rates. Empirical evidence that corporate transparency affects the efficient allocation of capital is important for several reasons. First, as Claessens [2020] points out, the private sector marketbased investment process has now bee more important in most economies around the world. Specifically, a growing proportion of countries’ investments are undertaken by the private sector (as opposed to stateowned enterprises). This trend highlights the need to understand factors that influence the efficiency with which private markets are able to allocate resources between peting uses. Second, the growth in financial intermediaries and institutional investors has resulted in improved capital mobility (Claessens [2020]). While important, improved capital mobility by itself is unlikely to matter if financial intermediaries are unable to direct resources toward potentially profitable growth opportunities due to information frictions. Again, this raises the question as to the role of the country’s information environment on efficient resource allocations. Finally, reforms such as deregulation are increasingly exposing firms to market forces and risks (Claessens [2020]). Given the heightened level of petition, there is an even 3 greater need for more precise and timely information to ensure accurate allocation of capital to the most valued uses (Bushman and Smith [2020]). We depart from prior research that has largely emphasized the role of financial institutions in the form of public and private capital markets in mitigating information costs and contributing to growth (Levine and Zervos [1998], Rajan and Zingales [1998], DemirgucKunt and Maksimovic [1998]).We depart from this research in two key ways. First, we focus directly on the role of a country’s information environment. We utilize a prehensive measure of corporate transparency that takes into consideration not only financial reporting but also the development of a country’s information intermediaries. Second, we focus on the position of growth, that is, industryspecific growth rate ovements rather than the overall level of growth. This shift in focus stems from our interest in understanding whether corporate transparency facilitates the intersectoral allocation of scarce resources. The study adds to extant literature, which points to the positive role of financial reporting on investment behavior. For example, Bushman, Piotroski, and Smith [2020] document that more conservative financial reporting limits overinvestment in activities with deteriorating opportunities and/or results in quicker termination of lossproducing ventures. Our approach focuses more broadly on the information environment and its role in the allocation of resources toward industries that experience positive growth shocks and away from industries that experience negative shocks. The evidence is consistent with corporate transparency facilitating efficient asset allocation across industry sector
畢業(yè)設(shè)計(jì)相關(guān)推薦
鄂ICP備17016276號(hào)-1